SPRE
SP Funds S&P Global REIT Sharia ETF
SPRE tracks a market-cap-weighted index of Shariah-compliant global REITs.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
140.4 M
ASSETS UNDER MGMT
55 bp
EXPENSES
Fund Basics
| Fund sponsor | Toroso Investments |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 30, 2020 |
| Assets (mns) | $140 |
| Expense ratio | 55 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Monthly |
| Taxation | 1099 |
| Stock selection | Principles-based |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| EQUINIX INC | 12.3 % |
| PROLOGIS INC | 12.2 % |
| GOODMAN GROUP | 12.1 % |
| AVALONBAY COMMUNITIES INC | 10.1 % |
| MID-AMERICA APARTMENT COMM | 5.0 % |
| EQUITY RESIDENTIAL | 5.0 % |
| CAMDEN PROPERTY TRUST | 5.0 % |
| EQUITY LIFESTYLE PROPERTIES | 4.8 % |
| WEYERHAEUSER CO | 4.6 % |
| CUBESMART | 4.5 % |
Constituent Breakdown
| Number of holdings | 29 |
| Herfindahl-Hirschman Index | 744 |
| Wgt avg mkt cap (mns) | $36,034 |
| Large cap (>$10bn) | 75.7% |
| Mid cap ($2-10bn) | 20.9% |
| Small cap (<$2bn) | 3.4% |
| Developed mkts. | 97.8% |
| Emerging mkts. | 2.2% |
Country Exposure
 |
UNITED STATES | 81.5 % |
 |
AUSTRALIA | 15.3 % |
 |
MEXICO | 1.2 % |
 |
MALAYSIA | 0.5 % |
Historical Performance
Standardized Performance (as of 08/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 8.1% | 17.2% | 3.3% | -1.5% | -- | -- | 5.5% | Volatility | 16.6% | 17.6% | 21.1% | 20.2% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.08 | 72% |
| MSCI EAFE | 1.05 | 65% |
| MSCI Emg Mkts | 0.85 | 40% |
Liquidity Measures
| Avg. volume (000) | 58 |
| Turnover | 0.9% |
| Avg. Bid/Ask (% of price) | 0.65% |
| ADV of underlying (mns) | $1,422 |
Technical Indicators
| Recent close | $21.19 |
| 30d moving avg. | $20.94 |
| Annualized volatility | 22.9% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 0.8% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. SPRE |
Expenses vs. SPRE |
ALTAR Score™ vs. SPRE |
|---|---|---|---|---|
| RITA | ETFB Green SRI REITs ETF | 36.9% | -5 bp | +0.2% |
| JRE | Janus Henderson U.S. Real Estate ETF | 36.5% | +10 bp | +1.1% |
| FPRO | Fidelity Real Estate Investment ETF | 32.3% | +4 bp | +0.1% |
| RWR | SPDR Dow Jones REIT ETF | 31.4% | -30 bp | +1.6% |
| PSR | Invesco Active U.S. Real Estate Fund | 30.2% | -20 bp | +1.5% |
| BBRE | JPMorgan BetaBuilders MSCI U.S. REIT ETF | 30.1% | -44 bp | +1.8% |
| NURE | Nuveen Short-Term REIT ETF | 30.1% | -20 bp | +1.0% |
| INDS | Pacer Industrial Real Estate ETF | 29.9% | 0 bp | +0.6% |
| FRI | First Trust S&P REIT Index Fund | 29.5% | -5 bp | +1.4% |
| USRT | iShares Core U.S. REIT ETF | 29.4% | -47 bp | +1.9% |
Risk and Returns: SPRE vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 9/6/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
SPRE
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
SPRE
4.5%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 355 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
5.0%. SPRE's ALTAR Score™ is approximately
0.1 standard deviations
above
the category average. This places SPRE in the 53rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
SPRESELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Global Equity ETFs |
| # of ETFs | 191 |
| Avg. Expense Ratio | 55.4 bp |
| Std. Deviation | 17.5 bp |
| SPRE (55 bp) Percentile rank | 49 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SPRE | 55.0 | 65.1 | 120.1 |
| Peer Avg. | 56.5 | 39.4 | 95.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .